- Shiba Inu whales are becoming active as the token price nears a significant breakout point.
- Recent on-chain data shows an increase in large Shiba Inu transactions exceeding $100,000, indicating potential upcoming market movements.
- “Whales often purchase with the expectation of a positive market movement, suggesting a price increase may be imminent,” notes a market analyst.
Explore the dynamics behind Shiba Inu’s potential price surge as whales accumulate large amounts of SHIB, hinting at bullish market sentiments.
Shiba Inu Whales Stirring: A Prelude to a Rally?
As whales reposition their holdings and transaction volumes spike, market watchers are closely monitoring these movements for signs of an impending rally. The awakening of these market giants sets the stage for a potential price surge, breaking past barriers that have recently restrained SHIB’s value.
Significant Increase in Transaction Volumes
According to IntoTheBlock data, there has been a 106.86% increase in large transaction volumes for Shiba Inu in the last 24 hours, corresponding to 3.22 trillion SHIB worth approximately $83.74 million. This surge in whale activity often precedes major price movements, providing a clear signal to investors about the increasing momentum.
Market Impact of U.S. Ethereum Spot ETFs
The crypto market has seen a notable rise following signs of progress towards the approval of U.S. Ethereum spot ETFs. Shiba Inu experienced a significant uptick during Monday’s trading session, moving from a low of $0.000023 to a high of $0.0000261. This movement marks a crucial breakout above the daily SMA 50, a previously resistant level.
Conclusion
The coming days and weeks will be critical for Shiba Inu as it maintains its position above the daily SMA 50. Sustaining this breakout could lead to continued upward momentum, making it a critical watch for investors and market enthusiasts alike.
